Neo Banks – Bellow In Gark http://bellowingark.org/ Wed, 23 Nov 2022 12:15:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://bellowingark.org/wp-content/uploads/2021/05/default1.png Neo Banks – Bellow In Gark http://bellowingark.org/ 32 32 Italian neo-bank Hype automates onboarding with Onfido https://bellowingark.org/italian-neo-bank-hype-automates-onboarding-with-onfido/ Wed, 23 Nov 2022 12:15:23 +0000 https://bellowingark.org/italian-neo-bank-hype-automates-onboarding-with-onfido/ Onfido, the world’s leading provider of automated identity verification and authentication solutions, today announced its partnership with HYPE, Italy’s leading neo-bank, to automate customer onboarding and improve user experience for the HYPE mobile app. Onfido’s award-winning ID document and facial biometrics technology enables HYPE to scale on demand, accelerating customer onboarding. Launched in 2015, HYPE […]]]>

Onfido, the world’s leading provider of automated identity verification and authentication solutions, today announced its partnership with HYPE, Italy’s leading neo-bank, to automate customer onboarding and improve user experience for the HYPE mobile app.

Onfido’s award-winning ID document and facial biometrics technology enables HYPE to scale on demand, accelerating customer onboarding.

Launched in 2015, HYPE takes everyday banking to the ultimate level of simplicity and customer experience for its 1.7 million customers, offering digital payments, third-party services and an online-only account that makes managing personal finances smart and fast. Through its mobile app and Mastercard facilities, HYPE offers a range of financial services including P2P and bill payments, transfers, savings management, cashback program, in addition to others. banking services provided in collaboration with partners such as instant credit, personal loans, deposit accounts. , insurance and investment funds. With the growing number of onboarded users, HYPE needed an identity verification provider that could automate its verification process, verifying end users accurately in minutes with a secure and seamless user experience that detects and mitigate fraud.

The partnership had immediate results, reducing document verification time from 24 hours to just minutes. To verify their identity to register for HYPE’s services remotely, users simply snap a photo of their government-issued identification (ID) and take a short selfie video. Onfido first verifies that the ID is genuine and not fraudulent, then biometrics technology matches the photo on the ID to the facial biometrics captured in the same feed. This ensures that the person presenting the identity is the rightful owner and is physically present. HYPE has designed a hybrid of automatic and manual checks leveraging Onfido’s automation platform, improving user experience while maintaining low operating costs.

HYPE users can start their digital journey anywhere, anytime, with a simple and user-friendly online experience that also protects against fraudulent attempts.

“HYPE is working diligently to create a personalized, simple and efficient way for customers’ banking needs, providing an alternative to traditional banking models,” said Luca Grampioggia, CEO of HYPE. “Our integration with Onfido means we can offer users an unparalleled banking experience right from onboarding. Speed ​​is not only a competitive differentiator, but also a specific need from our customers who can now rely on a faster process to Join HYPE knowing that their information is secure.

“We are proud to support HYPE’s pioneering mission to create a simplified way to digitally connect people and banks,” said Oliver Krebs, SVP EMEA at Onfido. “With Onfido’s support for over 2,500 identity documents, HYPE is able to scale its business while creating a fast and frictionless end-to-end digital process for its users. This partnership further expands Onfido’s presence in the Italian market as well as its continued mission to simplify identity globally.

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Cyber ​​shields Neobanks must be prepared for cyber attacks https://bellowingark.org/cyber-shields-neobanks-must-be-prepared-for-cyber-attacks/ Sat, 19 Nov 2022 06:47:39 +0000 https://bellowingark.org/cyber-shields-neobanks-must-be-prepared-for-cyber-attacks/ 🔊 Listen to this article The banking and finance industry has seen a huge technological shift from customers visiting physical bank outlets for financial services to having digital access to those services at their fingertips. New concepts have emerged over the past decade, such as online banking, digital payments and now neobanks – banks that […]]]>

The banking and finance industry has seen a huge technological shift from customers visiting physical bank outlets for financial services to having digital access to those services at their fingertips. New concepts have emerged over the past decade, such as online banking, digital payments and now neobanks – banks that provide digital banking and financial services without having a physical presence. As consumers embrace digital-only choices, demand for digital banking and neobanks is on the rise. In fact, according to a recent Twimbit report, “India, the new hub of Neobanks 2.0”, the Neobank market in India is growing at 43% CAGR.

With the rise of new banking methods and digital payment platforms accelerating the speed of transactions, it is no surprise that the use of app-based banking services has increased dramatically. However, this upward trend has also inevitably led to an increased risk of data exposure and cyber threats.

Cybercriminals are integrating digital technologies and criminal strategies to take advantage of these vulnerabilities and conduct fraud on a scale never seen before. According to CERT-In, 14,02,809 and 6,74,021 cybersecurity incidents were reported in 2021 and 2022, respectively. With the digitization of financial services, neobanks have become one of the most attractive targets for cybercriminals.

In fact, there are several types of cyberattacks that have been observed. Phishing and identity theft are some of the cyber threats that neobanks need to be prepared for, as banking is conducted online and bad actors can potentially gain access to customers’ bank details, such as login credentials, credit card numbers and other personal information. Moreover, a huge amount of sensitive data is processed by Neobanks on cloud and digital platforms, which makes them vulnerable to malware attacks. According to a report by Mimecast, 75% of organizations faced malware attacks in 2022.

A bot or worm can bring down the entire Neobanks ecosystem, as there is a huge amount of sensitive data hosted on the network. Another challenge Neobanks might face is the lack of adequate budget to deploy an internal cybersecurity team. Therefore, they have to partner with third-party providers for the services. The risk of cyberattacks and data breaches could potentially increase if the provider does not have a robust security infrastructure or the required skills.

Despite the risks, the demand for Neobank’s services is still high as they meet the demands of the new reality, making it even more crucial for Neobanks to focus on penetrating their ecosystem. Here are some ways Neobanks can focus on ensuring a robust security infrastructure:

  • Respect for compliance: The first step they must take is to comply with all regulations to ensure safety. Compliance can help them regularly assess their risk and test metrics such as penetration, application, devices, and network.
  • AI/ML for detection: Artificial intelligence will allow neobanks to examine the relationship between identities and transactions and differentiate between legitimate and criminal activities, helping them to avoid cases of money laundering.
  • WAF and API Protection: Neobanks provide application-based services that require protection for Web Application Firewall (WAF) and API security against DDoS attacks and malicious bots. To greatly simplify operations, Neobanks must reduce the number of terminals and apply a centralized security policy across the entire application fleet.

Opting for a robust security infrastructure, adopting advanced technologies and ensuring full compliance with the regulatory framework are important steps that Neobanks must focus on to ward off cybercriminals.

Opinions expressed by Dhananjay Ganjoo, Managing Director for India, and SAARC at F5

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Revolut surpasses 25 million customers and plans to expand into new countries https://bellowingark.org/revolut-surpasses-25-million-customers-and-plans-to-expand-into-new-countries/ Fri, 18 Nov 2022 16:18:00 +0000 https://bellowingark.org/revolut-surpasses-25-million-customers-and-plans-to-expand-into-new-countries/ Challenger bank Revolut has significantly expanded its customer base in recent months, at a time when many neobanks were facing headwinds. London-based Revolut says it now has more than 25 million retail customers, marking 25% growth since July. It plans to continue to expand by adding products and entering new geographies in the coming months. […]]]>

Challenger bank Revolut has significantly expanded its customer base in recent months, at a time when many neobanks were facing headwinds.

London-based Revolut says it now has more than 25 million retail customers, marking 25% growth since July. It plans to continue to expand by adding products and entering new geographies in the coming months.

Fintech offers a diverse range of services. The company not only offers remittances, checking accounts and savings accounts (through partner banks), but also cryptocurrency exchanges, investments and the possibility of using airport lounges when a flight is delayed, among other things.

Revolut Photographer app: Rafael Henrique/SOPA Images/LightRocket/Getty Images

Rafael Henrique/Photographer: Rafael Henrique/SO

Emil Urmanshin, Managing Director of Revolut Crypto, said via email on Thursday that Revolut has seen a 100% increase in customers trading crypto on its platform year-over-year.

Revolut customers initiate over 330 million transactions each month.

“We continue to expand access to fast, secure and easy money transfers from Revolut to countries around the world,” chief technology officer Vlad Yatsenko said in an email to American Banker. “Revolut is redefining the way money is sent and received by simplifying the process of international transfers, offering competitive fees and always offering the best possible exchange rate.”

Yatsenko added that the neobank is waiving fees on transfers between Revolut users.

The company provides consumer and merchant services such as peer-to-peer payments, savings accounts (in the US, through partner Sutton Bank), cryptocurrency trading (with US partner Apex Crypto ), stock trading through Revolut Securities, remittances and in some countries, travel booking.

The company also announced that over the next few months it will launch Revolut Lite, a simplified version of its app that allows users to transfer money cross-border in real time for free, in several countries in Latin America, Southeast Asia and the Middle East. East.

Revolut also sees customer acquisition from non-consumer products. More than 2,000 businesses join Revolut Business every week, according to Thursday’s announcement. The business-focused vertical, which launched in 2017 to help manage finances, has processed more than $130 billion in transactions to date.

Dylan Lerner, principal digital banking analyst at Javelin Strategy, said Revolut’s growth continues at a rapid pace, but it’s unclear which offering leads to customer acquisition. He added that he thinks the payments, the challenger bank initial bread and butter, is still a great driver. Lerner said some of Revolut’s product additions, like its vacation booking platform, felt less like relevant brand extensions and more like monetization tactics.

“We understand the value proposition of neobanks that was likely driving their initial popularity and initial growth,” Lerner said in an interview. “Now it’s this question: ‘Where do new customers come from? Why are they coming? Why do people stay? With Revolut, we know where they started. Where are they now? Where they are going is also a big question… I don’t have a clear idea of ​​the direction here.

Revolut is expanding geographically to tap into markets outside of Europe and the UK, where it already has a massive presence. Its fastest growing geographies since July include, in order: the UK, Poland, Romania, France, Spain, Ireland and the US.

“Our mission is to unleash the power of a borderless economy, for everyone, by bringing the world’s first financial super app to every corner of the globe,” International Expansion Manager André Silva said in a statement. prepare.

The challenger bank has built a team of over 400 employees in India and plans to grow a workforce of over 250 between Mexico and Brazil. Revolut’s presence in the US, where it launched in 2020, is relatively small, with around half a million retail customers and over 150 employees. Former Revolut USA Managing Director Ron Oliveira told American Banker in 2021 that he hoped to have 1 million users in the United States by the end of the year. In the past four months, the company has seen 125,000 new US customers.

Thibaut Genevrier, head of merchant acquisition for Revolut, said earlier this year that the company plans to to attack the American market thanks to a major product push towards the end of 2022 and into 2023. The fintech also applied for a California banking charter last year.

“We are working on getting a license on the banking side,” Genevrier said. “But there is no big obstacle.” The company will seek to act more aggressively “when the time is right to invest,” he said.

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How to achieve a sustainable bank through digital solutions https://bellowingark.org/how-to-achieve-a-sustainable-bank-through-digital-solutions/ Tue, 15 Nov 2022 20:20:50 +0000 https://bellowingark.org/how-to-achieve-a-sustainable-bank-through-digital-solutions/ By Ruby Walia, Senior Advisor for Digital Banking, Mobiquity The banking sector has a major role to play in the fight for environmental sustainability. But for some banks, it’s a bigger role than they’re prepared to take on. In 2016, the Paris Climate Agreement included low-emission financial flows as an essential component of effective climate […]]]>

By Ruby Walia, Senior Advisor for Digital Banking, Mobiquity

The banking sector has a major role to play in the fight for environmental sustainability. But for some banks, it’s a bigger role than they’re prepared to take on.

In 2016, the Paris Climate Agreement included low-emission financial flows as an essential component of effective climate change mitigation. This positions financial institutions (FIs), including those in the private sector, as key players in driving green initiatives.

Unfortunately, progress on this front has been slow. Despite overwhelming support from industry leaders to tackle climate change, few institutions’ sustainability programs are mature enough to make meaningful progress toward ambitious emissions targets. And the lens of these struggles misrepresents the industry as a whole. Two-thirds of consumers think their financial institution does “green laundering” or is more focused on promoting itself as climate-conscious than reducing its carbon footprint.

When it comes to reducing carbon emissions and gaining public approval, the best intentions can only get FIs so far. To put climate initiatives into action, FIs need to leverage fintech solutions such as artificial intelligence (AI) and advanced data analytics. These technologies hold the key to scaling sustainable banking initiatives at a pace that maintains progress toward environmental goals, while protecting institutions’ profitability.

It’s not easy being green

Across the industry, FIs see sustainability as a top strategic priority. They are mobilizing trillions of dollars to green financing, hiring environmental specialists for key decision-making positions and working with international communities to fight climate change. Many of the biggest players are even committed to building carbon neutral investment and lending portfolios by 2050. By all accounts, FIs appear to be doing their part. In practice, however, they struggle to deliver on their commitments.

The 60 largest private banks in the world invested $742 billion in the fossil fuel industry in 2021 – a negligible drop from the previous year and an increase since the ratification of the Paris Agreements. When it comes to carbon neutral projects, not much is happening beyond talks. According to recent assessments, the world’s largest banks must “greatly accelerate” their efforts if they are going to help keep global temperatures under control.

Although key financial decision makers clearly intend to commit to more sustainable banking, factors unique to the financial sector are creating significant barriers to real progress.

In particular, longstanding ties to unsustainable industries and the lack of enforceable standards hamper green investment strategies and goal-setting efforts. Banks love JP Morgan are working to meet long-term emission reduction goals, but significant investments in non-renewable energy create the responsibility to meet global energy needs. And even if FIs fail to meet sustainability goals, no governing body can hold them legally accountable. FIs also do not operate under a common set of guidelines that constitute best practice for the transition to green banking policies. Governments are working to create sustainable banking standards and laws, but the politicization of the issue virtually guarantees that the process is slow and time-consuming.

Digital solutions as sustainable solutions

The way forward is for FIs to identify strategies and structural changes that will keep environmental initiatives on track without causing serious financial disruption. Commitments to creating a more sustainable world are just the beginning, but meaningful change requires data-driven insights into green banking risks and opportunities.

This is where fintech solutions including risk management and predictive modeling through AI, machine learning and robust data analytics come in. By enabling measurable progress towards sustainability goals, these technologies can make the difference between empty greenwashing and genuine environmental advocacy.

Here are three ways FIs can apply fintech to foster effective sustainable banking:

  1. Identify key investments. Although the long term profitability sustainable business operations is well documented, environmentally conscious lending and investment decisions can have detrimental short-term consequences if not done correctly. It is essential that FIs strike a balance between climate progress and profitability mandates. Fintech solutions can set metrics for green initiatives to identify investments and loans with a high probability of reducing emissions and generating a return. State-of-the-art AI is able to automatically analyze data to assess and visualize opportunities with sustainable investment and lending decisions. Machine learning and data analytics, meanwhile, will continuously generate insights into green initiatives and support rapid adaptation to changing economic or social conditions. For example, geospatial data helps an FI identify climate-related environmental changes that project the long-term viability of controlled assets. This data can inform models quantifying exposure and justify divestment or reallocation decisions.
  2. Pilot the management of climate-related risks. FIs also need to understand the risks of climate change to create more effective green strategies and advance sustainability goals. Financial regulators around the world are rolling out climate-specific stress tests determine banks’ exposure to physical and transition risks. These tests will be a major tool for regulators to assess resilience and monitor climate commitments, so FIs should be prepared for in-depth risk management assessments. Scenario analyzes can feed into these assessments to identify climate hazards and sources of risk at an industry-specific level. Predictive modeling via AI can then generate estimates of the impact of damaging events such as natural disasters and droughts. The results will support stronger risk management strategies and give the FI a better understanding of how to focus sustainability efforts and continue to make progress towards its goals.
  3. Support accountability. Just as digital solutions foster more strategic green banking, detailed sustainability reporting through technology resources improves accountability and builds trust in green initiatives. Data analysis can feed frequent and comprehensive assessments of the progress of green initiatives, as well as long-term projections. An FI that can generate and share such reports will show solidarity with the values ​​of conscious consumers. And this will be important to improve market reach in the future.

Almost half (48%) of consumers say that having access to green banking options has become more important to them in recent years. These consumers will have more confidence in a transparent institution to make profitable investments in entities that reduce the carbon footprint of their portfolio. In turn, FIs will have a better chance of balancing sustainability and profitability when there is greater interest and financial support for green industries.

Sustainability is the future of banking

The road to green banking is neither simple nor easy – climate pledges come with the understanding that net-zero emissions will take decades of work and billions of dollars of investment. It’s a daunting task, but not impossible if financial leaders are willing to invest in technology and people to give long-term green initiatives a chance.

Fintech solutions are paving the way towards sustainable and profitable banking practices for FIs of all sizes and can help make greenwashing a thing of the past.

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Flipkart Mobile Phone Bonanza Sale: Want to buy a mid-range smartphone? https://bellowingark.org/flipkart-mobile-phone-bonanza-sale-want-to-buy-a-mid-range-smartphone/ Sun, 13 Nov 2022 07:48:03 +0000 https://bellowingark.org/flipkart-mobile-phone-bonanza-sale-want-to-buy-a-mid-range-smartphone/ The latest edition of Flipkart’s Mobile Phones Bonanza went live on the e-commerce giant’s website and app on November 8 and will end on November 14. The sale offers discounts on a range of products, including smartphones. As a result, HT’s sister website Hindustan live recommended some mid-range smartphones you might consider. However, note that […]]]>

The latest edition of Flipkart’s Mobile Phones Bonanza went live on the e-commerce giant’s website and app on November 8 and will end on November 14. The sale offers discounts on a range of products, including smartphones.

As a result, HT’s sister website Hindustan live recommended some mid-range smartphones you might consider. However, note that Monday is the last day of the sale.

Vivo V25 5G: Available for 27,999, Vivo’s V25 5G features a unique color-changing design on the back. The discounted price includes 5% cashback on the purchase of the product with the Flipkart Axis Bank card. Customers get 2,000 off debit/credit cards from other banks as well.

Motorola Edge 30: Listed at 26,999, Motorola’s Edge 30 has a 4,020 mAh battery and Qualcomm’s Snapdragon 778G as the processor. It also comes with a 50MP triple camera setup, along with a 32MP front camera.

Xiaomi 11i Hypercharge 5G: It is listed at 25,999, and customers can save 2,000 more by paying with an Axis Bank card. The Hypercharge 5G has a 108MP camera and a 16MP selfie camera. Powered by MediaTek’s Dimensity 920 processor, the device has a 4,500mAh battery.

Oppo F21 Pro 5G: After an 18% discount, you can buy Oppo’s F21 Pro 5G on 25,999. There is a 25MP triple camera installed on the back of the product.

Realme GT Neo 3T: Customers can buy GT Neo 3T from Realme for 24,999. It is powered by Qualcomm’s Snapdragon 870 processor and houses a 5,000mAh battery. Moreover, it offers a 16 MP front camera for selfies.


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FlexM Awarded Best Asean Fintech by MAS at Singapore Fintech Awards 2022 https://bellowingark.org/flexm-awarded-best-asean-fintech-by-mas-at-singapore-fintech-awards-2022/ Thu, 10 Nov 2022 06:29:37 +0000 https://bellowingark.org/flexm-awarded-best-asean-fintech-by-mas-at-singapore-fintech-awards-2022/ “Embracing Digital, Charting the New Normal”, the theme of the Singapore Fintech Festival (SFF) Global FinTech Awards 2022, has been set keeping in mind the creeping era of digitalization sweeping across the financial industry. The Global FinTech Hackcelerator and SFF Global FinTech Awards, organized by the Monetary Authority of Singapore (MAS) and the Singapore Fintech […]]]>

“Embracing Digital, Charting the New Normal”, the theme of the Singapore Fintech Festival (SFF) Global FinTech Awards 2022, has been set keeping in mind the creeping era of digitalization sweeping across the financial industry.

The Global FinTech Hackcelerator and SFF Global FinTech Awards, organized by the Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA), were held at SFF from November 2-4, 2022.

Out of a total of 223 submissions in nine categories, there were 36 winners, including FlexM received 1st place in the ASEAN fintech honorable category.

FlexM received the honor from the Minister of State of the Republic of Singapore, Mr. Alvin Tan. This is the second time that FlexM has been recognized as the Best ASEAN Fintech by the MAS Singapore Fintech Awards.

FlexM owns and operates a proprietary B2B Fintech-as-a-Service platform that enables companies to launch and manage their own branded fintech use case.

Launched in 2015 in Singapore, FlexM’s operations have crossed the seven seas and built their bases in 6 different countries, including the Philippines, Canada, India, Norway and Bangladesh.

FlexM has partnered with Shop.com, an international e-commerce platform that brings together various retail brands in one place to facilitate online shopping, to facilitate the relaunch of local offline stores in Singapore in integrating digital solutions into their system.

At the height of the pandemic, when sales and the presence of offline stores had dropped dramatically, FlexM partnered with Shop.com to create an online application called “Connect”, to help local merchants leverage digitalization for their growth and sales.

“Connect” made it easy for merchants to integrate into a digital setup with integrated payment solutions. Apart from payments, the app also allowed Shop.com to launch a unique instant cashback loyalty program for offline merchants.

The digitization of payments and the integrated loyalty program have rewarded merchants with increased footfall, helping them accelerate their growth.

The award-winning solution that earned us this honor is called FlexPay. FlexPay is a modular, comprehensive yet simple tool that allows merchants to create their own payments ecosystem.

With over 100 checkout and payment channels, automatic settlements and cashback programs, it is a solution designed for SMBs as well as major acquirers, shopping malls, department stores, platforms of e-commerce, marketplaces and players in the on-demand economy.

The built-in reward points engine makes the solution lucrative and competitive enough for our local SMEs to fight against cash-rich e-merchants and large-scale retailers in the ASEAN market.

FlexM SFF

Valerie Pho, Vice President (SEA) at FlexM and Rune Wahl Nilsson, CEO and Founder of FlexM

The SME market is one of the best performing with its contribution of around 40% to Singapore’s GDP (Source). FlexPay is a boon for the hundreds of thousands of SMBs that need their own comprehensive payment ecosystems to stay competitive in the ever-expanding digital economy.

In addition to digitizing physical SMBs through FlexPay, FlexM’s FlexBank offers new-era digital banks pre-built components for account issuance, card issuance, payments, loan management, and more.

The Company’s FlexComply regtech solution is designed for MAS-regulated entities where payment institutions are required to comply with PSN-01, the Payment Services Act Regulatory Guidelines. Implementation of all regulatory requirements for periodic review, risk assessment and ongoing monitoring are built into the FlexComply system.

Another product offered by FlexM is its FlexRemit platform, which is a remittance management solution to facilitate money services businesses anytime, anywhere, with assistance with licensing, regulatory compliance , correspondent relationship and currency hedging.

The innovative solutions offered by FlexM have received immense appreciation and honor from MAS and SFA. Achieving first place in the ASEAN fintech category at the honorable SFF Global FinTech Awards is momentous for FlexM’s future and growth, allowing it to make a name for itself in the vast fintech industry.

FlexM believes in empowering its customers with the right technology and solutions, so they can build their masterpieces by leveraging FlexM’s expertise.

From neo-banks to regulatory technology, cross-border remittances and payment solutions, FlexM’s holistic solutions are designed by understanding the pain points and customer journeys of each of their customers.

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Bank in the Metaverse https://bellowingark.org/bank-in-the-metaverse/ Fri, 04 Nov 2022 20:12:40 +0000 https://bellowingark.org/bank-in-the-metaverse/ By Rajashekara V. Maiya, Vice President, Global Head of Business Consulting, Infosys Finacle Although still in their infancy, the gaming, media, and entertainment industries have already begun to branch out into the metaverse. However, the heavily regulated and data-intensive banking industry has lagged with the adoption of this new platform. But now banks are also […]]]>

By Rajashekara V. Maiya, Vice President, Global Head of Business Consulting, Infosys Finacle

Although still in their infancy, the gaming, media, and entertainment industries have already begun to branch out into the metaverse. However, the heavily regulated and data-intensive banking industry has lagged with the adoption of this new platform. But now banks are also trying to tap into the huge potential that the metaverse can offer them.

Although the banking industry came a bit late in the metaverse, it has the opportunity to take the lead, as digital interactions and the adoption of digital fintech solutions have increased massively since the pandemic. The Gartner report on the digital transformation of financial organizations echoed this with nearly 70% of business leaders stating that digitization initiatives are accelerating, and further expecting the industry in which their businesses operate to be “transformed.” dramatically” by 2026. It will be worth it. also, as recently JPMorgan report estimated that market and business opportunities for Metaverse companies will represent over $1 trillion in annual revenue.

Some banks have already started to join the new online community. JP Morgan opened a virtual living room in Decentraland, a 3D virtual world browser-based metaverse platform. In Asia, South Korea’s largest financial institutions, KB Kookmin Bank, are working on the metaverse KB VR Branch Testbed, which will allow customers to access financial services in the metaverse, while also being used for training purposes. and education. HSBC also announced its foray into the metaverse earlier this year with its partnership with The Sandbox to “create innovative brand experiences for new and existing customers.”

This new banking model has advantages not only for them, but also for their customers. Retailers can sell goods in the banking metaverse, such as cars, clothes, furniture, and even houses. It would also allow customers to access “buy now, pay later” insurance plans to help them manage their finances. Activities like this taking place in the metaverse are set to become the norm in the not-too-distant future, as Gartner predicts that by 2026, 25% of people will spend an hour of their day in the metaverse engaging in activities such as shopping, work, and education.

Banks could also use the metaverse to improve their customer engagement, which will ultimately lead to better customer attraction and retention. With non-digital interactions having long been in decline across the industry, detailed by PwC, metaverse technology can offer a valid alternative with immersive experiences such as virtual training and development centers, which will allow banking staff to build relationships with customers to solve real banking problems. While not only being a new and unique experience for the customer, it will also provide them with the convenience of not having to travel to their bank branch to sort out their financial issues and queries.

The metaverse could also be an opportunity for traditional traditional banks to compete with their challenger competitors and catch up on innovations. Making the most of the higher degree of trust they already have compared to neobanks like reported by EY, this may be related to the way transactions are carried out on this new platform. They will obviously need to be secure, and banks will benefit if they are able to develop and implement solutions that will meet these transaction and investment needs.

However, a secure system will have to be put in place for these transactions. Blockchain seems to be the answer to this, as it will allow individuals to have rights over their own data and will involve fewer intermediaries, thus reducing the cost of each transaction. The implementation of the blockchain here seems all the more likely to become a reality that according to insights from Deloittethe banking industry is leading blockchain adoption, with global spending on the technology also expected to grow from US$5.3 billion in 2021 to US$34 billion in 2026.

Banks are only beginning to understand what the metaverse can do for them. From new ways to engage customers with new and exciting methods of engagement to financial services that will give them more choice and convenience. However, it will take a lot of time and effort on the part of banks to be able to become a player in the metaverse. This will require a monumental transformation not just of their legacy technologies, but of their entire marketing strategies and business models.

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Not So Fast, Gen Z: Millennials Lead America in FinTech Adoption, FIS Research Finds https://bellowingark.org/not-so-fast-gen-z-millennials-lead-america-in-fintech-adoption-fis-research-finds/ Wed, 02 Nov 2022 12:00:00 +0000 https://bellowingark.org/not-so-fast-gen-z-millennials-lead-america-in-fintech-adoption-fis-research-finds/ JACKSONVILLE, Fla.–(BUSINESS WIRE)–A new American study of FIS® (NYSE:FIS), a global leader in financial services technology, finds that millennials in the United States are more open to embracing new digitally-oriented financial experiences, including those enabled by financial experiences integrated, than the other generational groups. Integrated finance is when consumers benefit from unique and personalized financial […]]]>

JACKSONVILLE, Fla.–()–A new American study of FIS® (NYSE:FIS), a global leader in financial services technology, finds that millennials in the United States are more open to embracing new digitally-oriented financial experiences, including those enabled by financial experiences integrated, than the other generational groups.

Integrated finance is when consumers benefit from unique and personalized financial service experiences delivered to them when they need them by non-financial companies. Most often, consumers encounter these new financial services experiences in the form of in-app payments, such as on social media platforms where a purchase is made without leaving the platform, or in the form of Buy Now Pay Later offers at checkout. .

Young consumers enjoy seamless shopping experiences through social media apps:

  • 55% of Millennials and 48% of Gen Z say they are likely to make a purchase directly through a social media platform in the next 12 months, according to the recent survey.

  • Meanwhile, Millennials (25%) and Gen Z (21%) said they believe buying on social media encourages more frequent and unplanned spending.

Millennials are most likely to live and transact in the metaverse:

  • While only 29% of all consumers say they’re likely to access the Metaverse in the next year, nearly half of Millennials (49%) and 35% of Gen Z say they will. will probably do.

  • Only 8% of Baby Boomers said they plan to use the Metaverse during this time, while 73% of Gen Z consumers said they would be willing to make a purchase in the Metaverse.

  • Those who are ready to make purchases in the metaverse over the next 12 months said they would be open to buying games or game tokens (52%), event tickets (38%) and virtual clothes/fashion (32%) within the metaverse.

Loyalty applications win in the eyes of younger generations:

  • More than half of Millennials (56%) and Gen Z (51%) prefer mobile loyalty apps over other forms of loyalty programs, such as physical cards, digital wallets or payment cards.

  • Conversely, 50% of baby boomers said they still expect to collect loyalty points on a physical card in their wallet, such as a coffee stamp card, within the next 12 months. .

Although Gen Z are digital natives, Millennials are more likely to embrace fintech and digital banking:

  • 32% of Millennials say they are likely to bank with a fintech or neobank in the next 12 months, more than Gen Z (22%), Gen X (13%) and Baby Boomers (5%).

  • Millennials were also the most likely (24%) of any generation to say they are likely to use banking services, including investments and insurance, in the metaverse.

  • Even in person, integrated payment experiences like cashless purchases are particularly appealing to younger consumers, with 70% of Millennials saying they’d like to visit one in the next 12 months, followed closely by Gen Z (63%).

While the general wisdom is that younger consumers are most likely to adopt new technologies, millennials, who have greater purchasing power, are leading the adoption of many new payments and services. digitally oriented financials, according to our new study,” said Taira Hall. , Senior Vice President Embedded Finance, B2B & Strategic Innovation at FIS. “Between the desire to leverage seamless shopping experiences like those on social media apps or to take advantage of the discounts and savings available through loyalty apps, the signal from millennials and Gen Z is that there is significant potential for businesses to integrate financial services into these channels.”

Learn more about consumer adoption of embedded finance with FIS research from around the world here.

About the survey

Ipsos was commissioned by FIS to conduct the survey in September 2022 of 1,000 US consumers from Gen Z (18-24), Gen Y (25-40), Gen X (41-54) and baby boomers (55+).

About FIS

FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and in all industries globally. We enable the movement of commerce by unleashing the financial technology that powers the global economy. Our people are dedicated to advancing the way the world pays, banks and invests through our proven innovation, system performance and flexible architecture. We help our customers use technology in innovative ways to solve critical business challenges and deliver superior experiences to their customers. Based in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. To learn more, visit www.FISglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISglobal).

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Lutheran West makes history with win over Scott for first playoff win in program history https://bellowingark.org/lutheran-west-makes-history-with-win-over-scott-for-first-playoff-win-in-program-history/ Sat, 29 Oct 2022 04:10:06 +0000 https://bellowingark.org/lutheran-west-makes-history-with-win-over-scott-for-first-playoff-win-in-program-history/ Photo by Brandon Marvel ROCKY RIVER, Ohio – The OHSAA playoffs kicked off Friday night. A Division 3 Region 10 game featured the Lutheran West Longhorns and the Scott High School Bulldogs. Lutheran West finished the regular season 9-1 and locked down the 8th seed. Meanwhile, Scott High School of Toledo finished 8-2 to secure […]]]>



Photo by Brandon Marvel

ROCKY RIVER, Ohio –

The OHSAA playoffs kicked off Friday night. A Division 3 Region 10 game featured the Lutheran West Longhorns and the Scott High School Bulldogs. Lutheran West finished the regular season 9-1 and locked down the 8th seed. Meanwhile, Scott High School of Toledo finished 8-2 to secure the 9th seed. Scott traveled to Lutheran West to face the Longhorns, which must have been a good game.

The Lutheran west strikes the rock

Throughout the season, Lutheran West relied heavily on his running game. That led them to a 9-1 regular season record. So if it ain’t broke, don’t fix it. The Longhorns rushed for 214 yards for the game. The offense was led by lead running back Lamar Scott. Scott rushed for 104 yards on 16 attempts. One of his points was a 56-yard touchdown. Senior QB Clay Noble added 48 rushing yards on 13 attempts. Noble had 2 rushing touchdowns himself. Longhorn’s rushing attack was a problem for Scott’s defenders all night.

Western Lutheran defense chokes Scott

Early in the game, it looked like the Scott Bulldogs were going to get into an attacking rhythm. On their first possession, they were walking down the field before their drive came to a halt. Junior running back Arnon Haynes was picking up big chunks left and right. However, the Lutheran defense in the West continued to rise. In the 2n/a quarterback, Junior Jayden Theodore blocked Scott’s punt that put the Longhorns in a great position on the field. Later in the quarter, Sophomore JaMarrion Banks took Scott off on an angled pass. Throughout the match, the West Lutheran defense proved too much to handle. The Bulldogs were limited to just 51 passing yards in the game. Haynes was the only bright spot for Scott. In 20 attempts, he had 110 rushing yards.

History of the Lutheran West

After tying the regular season record with 9 wins, Lutheran West entered tonight without a playoff win in program history. Although it has made the playoffs several times over the past few years, there is still no team to make it past the first round. Then on Friday night in front of a huge crowd, the Longhorns made history. They made it easy for Scott to secure a 31-0 victory over the Bulldogs. This roster is built with guys from senior captains like Richard Lueke, who has multiple D1 offers for college. To guys like JaMarrion Banks and DQ Bradley who are standout sophomores. Every guy on the pitch seems to fit his role perfectly. The future of this Western Lutheran program will be in good hands for years to come.

2nd round

Next week, the Lutheran West Longhorns will be looking to upset the number 1 ranked Holy Name Green Wave. Holy Name knocked out Copley 49-13 in the first round of the playoffs on Friday night. They finished their regular season with a 7-2 record. Both teams will look to continue their winning ways in a No. 1 vs. No. 8 seeded game next Friday night.





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39% of US consumers use a FinTech service https://bellowingark.org/39-of-us-consumers-use-a-fintech-service/ Wed, 26 Oct 2022 21:02:35 +0000 https://bellowingark.org/39-of-us-consumers-use-a-fintech-service/ Neo-banks, non-banks, and a host of other constructs fall under the rubric of “FinTech,” and while widely popular with the digital economy first, specific user profiles emerge upon closer examination. PYMNTS analyzed this in “Satisfaction with 2022 disbursements: the role of FinTechs», a collaboration with Ingo moneyand is part of The Disbursements Satisfaction 2022 series. […]]]>

Neo-banks, non-banks, and a host of other constructs fall under the rubric of “FinTech,” and while widely popular with the digital economy first, specific user profiles emerge upon closer examination.

PYMNTS analyzed this in “Satisfaction with 2022 disbursements: the role of FinTechs», a collaboration with Ingo moneyand is part of The Disbursements Satisfaction 2022 series.

In a survey of over 3,600 US consumers, we found that 39% use FinTechs in some capacity, either as a primary or secondary financial institution (FI). This indicates that at least 68 million US consumers use FinTechs to some extent, often to receive or send money peer-to-peer (P2P).

However, the study said that “FinTechs are especially popular among low-income consumers who live paycheck to paycheck with bill-paying issues,” with 39% of consumers in this bracket using the FinTechs and 22% using them as their main FI.

Of consumers who don’t live paycheck to paycheck, only 14% use FinTechs as their primary FI.

“They are more likely to use FinTechs as secondary FIs, with 26% doing so,” the study found.

While similar trends are seen among high-income and low-income consumers, large numbers of both types of consumers use FinTechs.

“The difference is that high-income consumers are more likely to use FinTechs as secondary FIs than as primary FIs, while low-income consumers use them as primary and secondary FIs in roughly equal measures,” according to the study.

These statistics lead to the conclusion “that although consumers from a wide variety of financial backgrounds use FinTechs, those who use them as primary banks may see them as profitable alternatives to traditional banks and credit unions”.

Additionally, we found that “consumers who use FinTechs as their primary financial instrument also tend to use them for a wider range of ‘everyday’ financial products, including ATMs, credit cards, and debit cards. throughput, compared to consumers who use FinTechs as secondary FIs.

Among consumers who use FinTechs as secondary FIs, P2P payments are the predominant use case.

We are always looking for partnership opportunities with innovators and disruptors.

Learn more

https://www.pymnts.com/news/investment-tracker/2022/fintech-winter-chills-funding-as-busted-ipos-litter-landscape/partial/

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